Oil wells (wellbores) are usually drilled with a drill string. The drill string includes a tubular member having a drilling assembly that includes a drill bit at its bottom end. The drilling assembly may also include devices and sensors that provide information relating to a variety of parameters relating to the drilling operations (“drilling parameters”), behavior of the drilling assembly (“drilling assembly parameters”) and parameters relating to the formations penetrated by the wellbore (“formation parameters”). A drill bit and/or reamer attached to the bottom end of the drilling assembly is rotated by rotating the drill string from the drilling rig and/or by a drilling motor (also referred to as a “mud motor”) in the bottom hole assembly (“BHA”) to remove formation material to drill the wellbore.